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UK retailers stock charcoal that is linked to Paraguay's deforestation.
According to a report published on Thursday by the advocacy group Global Witness, major British retailers such as B&Q, Waitrose and others are selling charcoal made from trees that have been cleared in Paraguay’s Gran Chaco to make more farmland. The report links charcoal sold by UK supermarkets and hardware shops to the Paraguayan forest company Taruma. Global Witness claims that Taruma, the biggest international supplier for British barbecue brand Big K whose products are distributed across the country, is Taruma. Gran Chaco is the subtropical forest region of South America, second largest after Amazon. It stretches over Paraguay and Argentina. A Waitrose spokesperson responded that all charcoal sold by the company complies with the standards of the Forest Stewardship Council (an independent forest certification system). B&Q has not responded to any requests for comments. Paraguay is seeking to strengthen its?trade ties? with Europe via the EU-Mercosur Agreement, as the environmental impact of imported goods from South America, which includes Paraguay and?Argentina?, Brazil, and Uruguay, has become increasingly scrutinized. According to the report, satellite analysis found that Taruma sourced its wood from ranches which have since 2012 cleared more than 28 hectares (69 acres) of forest. The report stated that a second supplier, Paben SA, who worked with Big K up until 2023 has cleared approximately 2,700 hectares in the Paraguayan Chaco forest since 2021. Paben SA has not responded to requests for comments. Taruma, in a letter to?, denied any wrongdoing. Taruma doesn't clear forests and does not hold clearing permits. Our operations don't add to the deforestation of the region or its effect on climate. Rahmeen Farudi, Chief Executive of Taruma, said that the sustainability team closely follows research on Chaco Land-Use Change. Scientists, including NASA scientists have stated that Paraguay is one of the countries with the highest rates of deforestation relative to forest coverage, primarily due to farming and cattle ranching. Paraguay is a major grain and meat exporter. In July, it unveiled its first national forest policy. It acknowledged decades of deforestation by the state for agricultural purposes. The government has pledged to increase environmental monitoring in order to meet EU standards. The sale of charcoal to Britain may harm Paraguay’s plans to sell other goods to the EU as part of a future?trade agreement with Mercosur. The National Forestry Institute of Paraguay did not respond when contacted for comment. DEFORESTATION LEGISLATION, TRADE AND DEFORESTATION Global Witness stated that the UK's flawed environmental legislation and Paraguay’s permissive environment laws allow deforestation linked charcoal to reach the British Market. The '2021 Environment Act in Britain bans imports that are linked to illegal deforestation. The ban only applies to imports originating from land that has been illegally deforested and excludes charcoal products. Paraguayan products produced on legally cleared lands can still enter the UK. Beginning December 30, the EU's stricter rules will prohibit?all products that are linked to cleared land, regardless of whether or not?the clearing?was legal. The UK Department for Food, Environment and Rural Affairs (Defra) did not respond immediately to a comment request. Environmental groups, as well as several EU governments including France, Austria, and Poland have warned that the expansion of Mercosur agricultural exports into Europe could speed up deforestation.
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Alcoa: Cutting Canada tariffs will not be enough to reduce the US aluminum premium.
Alcoa's chief financial officer said that the steep price of aluminum in the U.S. would not?drop much even if Washington halved the tariffs on metals imported from Canada because other countries are still needed. The price that U.S. The price?U.S. Molly Beerman, Alcoa's Chief financial officer, said that the U.S. needs to import around 4 million tonnes of aluminum each year. Canada can only provide 3 million tonnes of this. Beerman stated that Midwest would not drop significantly, even if the U.S. were to receive a favorable rate from Canada. "It may come down a bit, but it won't return to the pre-tariff level." Beerman stated that if there are tariff waivers or relief for other trading partners, such as Japan, Europe, or South Korea, and the last million tons of grain is covered, then "you can expect the Midwest Premium to be reduced in response?to essentially eliminate the tariff benefit." Beerman stated that Pittsburgh-based Alcoa, which produces?around 900,00 tons of aluminum per year in Canada, is paying over $1 billion in tariffs in order to import the majority of this aluminum into the U.S. The Midwest compensates us for this, and also returns as margin due to the tightness of?tons. Customers in North America and Europe "actively seek our supply" because Middle East aluminum is "constrained," Beerman noted, adding that Alcoa’s order book "is almost completely sold out until 2026."
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Sources say that Dangote Oil refinery will buy 16 million barrels Nigerian crude in October.
According to four sources in the industry, Nigeria's Dangote Refinery has purchased at least 16,000,000 barrels of Nigerian crude oil for arrival in October. This is consistent with previous months, and significantly higher than average last year as Africa's biggest refinery ramps-up processing. Dangote has 16 million barrels of?oil, which is a combination of monthly allocations by Nigerian National Petroleum Company, and volumes purchased in a tender. This amounts to around 520,000 barrels / day. This is the majority of the refinery's?700,000.bpd monthly intake. Investors are focusing on the feedstock in preparation for an initial public offer. The purchases will reduce the amount of Nigerian crude that is 'available for export during a period of high demand as a result of the Iran War, which has drastically reduced Middle East supply. If Dangote purchases more crude, the final total could increase. Dangote has not responded to a comment request. According to Kpler, the Lagos-based refiner processed 565,000 bpd in Nigerian crude during August. This is nearly twice as much as last year's 280,000 bpd average. Sources familiar with the matter said that NNPC would supply Dangote eight of its 'October Nigerian cargoes' and one U.S. WTI Midland shipment. Kpler data shows that this would be the same as the previous monthly record of NNPC's supply to the refinery. It had provided a similar -volume in April May and August. Two traders said that the refinery purchased a second WTI shipment for October in a spot auction from a different provider, along with the additional Nigerian cargoes, to bring the total up to 16 million barrels. Dangote has purchased many grades of crude oil from countries other than Nigeria, such as Libya and Guyana.
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Solorz family reaches settlement ending fight over Polish media empire
According to a letter sent by TiVi Foundation, the controlling shareholder, Zygmunt 'Solorz, has settled all legal disputes regarding his 'business empire. The settlement, according to the family, outlines rules for how it will manage its assets in the future, including those of Polsat Plus Group headed by Cyfrowy Polsat and power producer ZE PAK. The family said the settlement was confidential and did not reveal any details. * 'Solorz will step down from an active role in the?companies owned by TiVi and Solkomtel and take on a advisory role. The settlement was reached after the Liechtenstein Constitutional Court upheld a lower court's?decision? that Solorz legitimately gave joint control of TiVi to his children. * The conflict was made public in late 2024, after Solorz’s children wrote to the management of his companies expressing their concern for?his health. * Solorz’s son Piotr zak is still the chief executive?of Cyfrowy Polsat, ZE PAK and?Tobias Solorz. Aleksandra and Tobias Zak are on the supervisory board.
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Gold drops over 1% after U.S. data on inflation boosts Fed rate hike bets
Gold prices dropped by over 1% on Thursday, after strong U.S. inflation data and higher oil prices increased the odds of a Federal Reserve rate increase next week. Spot gold fell 1%, to $4.358.09 an ounce, by 11:14 am EDT (1514 GMT), whereas U.S. Gold Futures dropped 1.4%, to $4.400.60. According to Kyle Rodda of Capital.com, a senior financial analyst, the Producer Price Index data "sort of shows that there's been a?bit? of a pick-up in underlying inflation" in the U.S. The Bureau of Labor Statistics of the Labor Department reported that PPI for final demands rose by 0.4% in August after a 0.1% increase, which was upwardly revised. CME FedWatch Tool shows that traders now price in a 70% chance of an interest rate increase next week. This is up from 62% prior to the release of the data. The majority of economists surveyed by the Fed expect that the Fed will hold rates at the September 15-16 meeting, and throughout the remainder of the year. Gold prices were further impacted by the U.S. dollar's rise, which made greenback-priced gold?expensive in other currencies. Rodda said that bonds must reflect a higher and more persistent?inflation due to the steeper oil price, which causes gold prices to drop. Typically, rising bond yields pressure gold by increasing the opportunity costs of holding non-yielding assets. Brent crude, the benchmark oil price, jumped by 4% to $105 per barrel on Thursday after the largest spike in 'attacks against shipping since the beginning of the U.S. - Iran war prompted supply disruption fears. The European Central Bank raised interest rates on Thursday for the second time this year to combat a rise in inflation caused by war-related energy costs. Silver spot fell 4.2% per ounce to $64.47, while platinum fell 4.6% to 1,808.42, and palladium dropped 3.9% to $1,000.75.
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The opposition warns that Finland's power supply could be affected by the Google AI deal.
Finland should implement a national permitting system for data centres to prevent power shortages and soaring energy costs, the opposition parties said Thursday after Google announced a major new investment. Nordic data centres have been popular for many years due to the region's cool climate, low-carbon electricity, and reliable power grids. However, AI developers are now under greater scrutiny from politicians and consumers. Alphabet’s Google announced on Wednesday that it would spend at least EUR13 Billion ($15.1 Billion) over the next two-years on?AI Infrastructure in Finland, its largest European investment. This includes a deal to supply nuclear power. Centre Party leader Antti Kaikoen said that while data centres were welcome in Finland, Finland must ensure there was enough electricity to power them. A national permitting system for data centres would be required. No one is looking at the big picture right now," said Kaikkonen. His party is Finland's largest opposition group. The Social Democratic Party (SDP), which leads in the polls in advance of the April election, has said that it welcomes data centre investments but is concerned about their implications for power demand. Niina Malm, a Social Democratic lawmaker said: "It's important to examine the availability of energy as an issue that affects internal security. This will ensure that people are able to afford it and have enough electricity." Google's deal included an agreement to purchase up to 50% energy from Finland's Loviisa Nuclear Plant over a period of 22 years. This will help extend the life expectancy of the plant from 2030, when it was originally scheduled for shutdown, until 2050. Together with utility Fortum, the companies said they would explore the development and production of nuclear energy and renewable energies in Finland. Finland's prime minister Petteri Orpo?has stated that the Google deal would boost the country's economic growth and that electricity rates will remain in control. The government didn't immediately respond to an inquiry for comment.
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Gold drops over 1% after U.S. data on inflation boosts Fed rate hike bets
Gold prices dropped by over 1% after?robust U.S. data on inflation and rising oil costs increased bets that the Federal Reserve will raise rates next week. Spot gold fell by 1.2%, to $4349.32 an ounce, at 9:24 am EDT (1324 GMT), whereas U.S. Gold Futures dropped 1.6%, to $4391.30. The data from the producer price index "sort of tells [us] that there has been an increase in inflation underlying in?the?U.S. The rising cost of energy is a major factor in the economy. U.S. Producer Prices increased in August in line with expectations, despite a rise in the cost of energy. According to CME FedWatch Tool, traders now price a 70% chance of a rate increase next week. This is up from 62% prior to the data. The majority of economists surveyed by the Fed expect that the Fed will hold the interest rates at their September 15-16 meeting, and throughout the remainder of the year. Gold prices were further pressured by the U.S. dollar's rise, which made greenback-priced gold more expensive in other currencies. Rodda said that bonds must reflect the higher inflationary pressures caused by higher oil prices, which are causing gold prices to drop. Gold is typically pressured by rising bond yields, which increase the opportunity costs of holding the nonyielding asset. The benchmark Brent crude oil price jumped by 4% to $105 per barrel on Thursday, following the largest spike in attacks?on shipping since U.S. - Iran war began. This prompted supply disruption fears. The European Central Bank raised interest rates for the second time this year on Thursday, in an effort to curb a rise in inflation caused by war-related energy costs. Silver spot fell by 4.2%, to $64.47 an ounce. Platinum dropped by 4.9%, to $1802.48. Palladium was down 4.3%, to $1295.23.
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Chad, a country in drought, bans certain crop exports to prevent a food crisis
Chad has lifted import duties on some grains and banned the export of other agricultural products in order to prevent food shortages following intense heat and drought that damaged harvests throughout the country. In a report released this week, the United Nations' Food and Agriculture Organization stated that Central Africa experienced multiple dry spells from July to mid-August. This raised concerns over crop yields and development. Finance Minister Tahir?Nguilin announced in a late-Wednesday decree that wheat, corn and millet, along with livestock feed and agricultural machinery, will be exempted from import duties and taxes. Separately, on Wednesday, Commerce Minister Mathieu Guilo Fanga signed a decree that banned the export of millet and other grains, including corn, rice and wheat, as well as sorghum and cotton seeds. Keda?Ballah is Chad's Minister of Agriculture Production and Industrialization. He said that the central, eastern, and northern regions were the worst affected by the drought. Ballah stated that the government was taking steps to help farmers grow crops in irrigated fields during off-season. He said, "This is the best way to stop famines in certain areas. We are well aware of this." World Food Programme stated earlier this year that over 3 million people will face acute food security during the lean period from June to August. No Farmer Left Behind Mahamat Moussa, a farmer from the west-central province Chari-Baguirmi told us that a drought had destroyed 12 hectares (acres) of his corn crops. He claimed that the government had failed to alert farmers to the heatwave and left them unprepared for extreme weather. He said, "The?food shortage on the markets is a major concern for authorities. We are going to starve, because no farmer in our area has been spared." Djibrilla abba bello, a nomad?herder from the Mayo-Kebbi Ouest area, reported that streams and ponds, which normally?supply livestock with water at this time of year, had dried up. "Our animals are losing a lot of weight, they're producing less milk, and have trouble walking long distances... "Our animals are losing weight, producing less milk and having trouble?walking long distances...
Oil prices fall as economic uncertainty dampens demand expectations
Crude oil fell early in Asian trading on Monday as investors reduced their expectations of demand growth due to the ongoing US-China trade war.
Brent crude futures dropped by 25 cents or 0.4% to $65.61 a barrel at 0024 GMT. U.S. West Texas Intermediate Crude Futures fell 18 cents or 0.3% to $61.87 per barrel. Both benchmarks dropped more than $1 Monday.
A majority of economists surveyed said that President Donald Trump’s efforts to reshape the world’s trade by imposing tariffs against all U.S. imported goods has increased the risk that this year’s global recession will be a reality.
China, which was hit by the highest tariffs, responded with its own duties against U.S. imported goods, sparking a trade conflict between the two top oil-consuming nations. Analysts have been forced to lower their forecasts for oil demand and prices.
Barclays cut its forecast for 2025 Brent crude prices by $4, to $70 a barrel. The company cited increased trade tensions as well as a shift in the production strategy of OPEC+. These factors are driving a surplus oil supply this year of 1 million barrels per day.
Sources told us last week that several members of OPEC+ (which includes the Organization of the Petroleum Exporting Countries, and its allies) will propose an acceleration of production increases for a second month consecutive in June.
In a recent note, oil analyst Philip Verleger stated that a substantial drop in the price of (oil) is likely if exporting nations increase production.
According to an initial poll conducted by analysts on Monday, the U.S. crude stockpiles probably increased by around 500,000 barrels during the week ending April 15.
The American Petroleum Institute, a trade group, will release its estimate of U.S. crude oil inventories on February 2. The Energy Information Administration is expected to release official figures on Wednesday. (Reporting and editing by Sonali Paul in New York, Shariq Khan is reporting from New York)
(source: Reuters)